Settlement of uncertified claim and repayment of external debt and renewal of cautionary announcement AVENG LIMITED Incorporated in the Republic of South Africa (Registration number: 1944/018119/06) ISIN: ZAE000302618 SHARE CODE: AEG ("Aveng" or "the Company" or “the Group”) SETTLEMENT OF UNCERTIFIED CLAIM AND REPAYMENT OF EXTERNAL DEBT AND RENEWAL OF CAUTIONARY ANNOUNCEMENT Settlement of Uncertified Claim Aveng is pleased to announce that it has reached settlement on and received payment of R282 million (AUD25 million) for a long-outstanding claim. This long-standing claim was previously disclosed as an amount that had been subject to protracted legal proceedings and reported in the amounts due from / (to) contract customers in the December 2021 interim results. The settlement results in a small profit to the previously reported position, reduced ongoing legal costs and the removal of litigation uncertainty. This dispute dates back prior to March 2016, when McConnell Dowell instituted action against its client, with a view to recovering previously expended costs. Through the course of this protracted litigation and delay, McConnell Dowell has significantly grown its business despite having liquidity tied up in this dispute. The resolution of the dispute is a significant achievement and the resulting additional liquidity has currently been retained in McConnell Dowell and is reserved for future investment opportunities that add incrementally to the Group’s growth and performance. Repayment of External Debt Aveng has continued its debt reduction strategy during the year to 30 June 2022, through the scheduled repayment of R275 million in June 2022. The cumulative repayments have reduced external debt by R350 million in the financial year to 30 June 2022. Should the Trident Steel transaction be successfully concluded, it is expected that the proceeds will be utilised to settle the remaining debt in South Africa, create further liquidity and strengthen the financial position of Aveng. Renewal of cautionary announcement In line with the cautionary announcement released on the SENS on 13 June 2022, negotiations continue to progress and shareholders are advised to exercise caution when dealing in the Company’s securities. The Group expects to release its full year results on or about 23 August 2022. 5 July 2022 Melrose Arch JSE Sponsor Investec Bank Limited Itumeleng Lepere Stakeholder Engagement Lead Tel: 011 779 2800 Email: investor.relations@avenggroup.com Date: 05-07-2022 04:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.